Pay Raise Tips

Looking for a Credit Card for Christmas Shopping? Before you submit a credit card application, first review the main points which will help you choose the right credit card for your needs.

What Charges You'll Make - If you're going to use the credit card mainly for booking airline reservations and hotels, it might be best for you to get a travel credit card that offers sky miles and hotel points or cashback. If this will be an emergency credit card only, then your main concern may be for a low interest rate credit card with low fees.

When You'll Repay Charges - Will you pay off credit card charges in full every month, or will you carry a balance month to month? If you're going to carry a balance, you want the lowest possible interest rate as well as a low introductory rate. But if you'll payoff balances in full every month, then interest rate really doesn't matter so no annual fee and/or a long grace period would be a bigger concern. If you're going to carry a balance, be concerned about how the finance charge is calculated. The most common method is the Average Daily Balance, which means that the daily balances are added together and then divided by the number of days in the billing cycle. Stay away from credit cards that compute the balance using two billing cycles, as this method costs more money in financing fees.

What Amount You'll Charge - If you're going to use the credit card for all your monthly expenses, then you need a card that has a high credit limit and a high cashback percentage.

More info about Interest Rates, Credit Limits, Incentives, Fees and Penalties

Interest Rates - The interest rate (Annual Percentage Rate) APR can either be a fixed rate or a variable rate that is tied to another financial indicator, most commonly the prime rate. With a fixed rate credit card you know what the interest rate will be every month, whereas a card with a variable rate can fluctuate. Of course, even the interest of a fixed rate card can change based on certain events, such as paying your credit card bill late, exceeding your limit, or simply because the credit card issuer decides to change it after providing you ample advance notice.

Credit Limit - This is the amount of money the credit card company will let you charge to the card. This amount varies depending upon the card offer and your credit history. Be sure to get a credit card with an ample limit, because getting close to your max can hurt your credit score. Just remember that you don't have to max out your limit just because it's available.

Incentives - To compete for and to gain customers, many credit card companies offer rewards. Even if you normally use cash, why not use your credit card and then use the cash to make the payment during the grace period? You still won't pay interest and meanwhile you'll rack-up rewards. A credit card with 5% cashback will earn you $5 for every $100 charged. If your total bills come to $2,000 per month, you'll earn a free $100 every month. Look for a rewards program that you'll use and which offers flexibility, such as cashback or travel.

Fees and Penalties - Compare common charges such as late fees, overlimit fees, balance transfers, cash advances, and for making payments by telephone. Regarding balance transfers, look for credit card offers with no transaction fees and zero percent interest for at least 12 months.

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Pay Raise Tips

By Credit Federal | Published 05/17/2008

Free tips on how to ask for a pay raise. As prices increases, so should your income. Learn how to invest in your future by asking for a bigger paycheck.

Want more ways to get more out of your paycheck?
Use our Free Personal Finance Tools.

Free Tips on How to Ask for a Pay Raise

Before you barge in and demand a pay raise from your boss, here are some things you first need to know and think about to increase your chances of success.

Next, find out your company's policy on salary increases. Are all employees reviewed at the same time each year and are raises given only at that time? Is there a budgeted amount that your department must stay within for each employee and the department as a whole? For the highest chance of successfully getting the raise you want, you have to know the company's policies regarding compensation. If your boss has no authority to exceed the budgeted amount handed down from higher ups, you may have wasted your time and effort.

Now, consider what your job is worth to you, and how can you effectively approach your boss about a salary; or hourly, pay increase. Certainly, it's not likely to be worth losing your job by issuing a pay raise ultimatum to your boss.

Although you may need a pay raise so you are in a better position financially to pay your bills, your personal finances and shortcomings are not your company's problem. It's entirely your problem, and your boss doesn't want to discuss it so avoid that viewpoint. Instead, make the pay raise request about value, specifically your value to the company.

You want a pay raise to equal your skills, productivity, job tasks, contribution to the company and the current rate; both inside and outside the company, for what you do and the position you fill. Look at the entire situation from your company's perspective, and base your approach on their needs to keep you, and what you have done and will continue to do for them.

So before you barge in, first sit down and evaluate all your skills and your job description. Include both your formal written job description (the one the company states) and another one of what you actually do (including all the tasks your company statement omits, such as overtime you've worked without pay, special projects you assisted with, etc.).

Collect all your Letters of Appreciation, accolades, awards, performance evaluations, etc. Also collect your educational records, including self-help learning. You want to remind your company about your value, your devotion and experience.

Research salaries in your area for similar job positions. When comparing and analyzing salaries, it's also important to consider the financial value of your benefits and perks. If your company pays for all or part of your health insurance, this is as good as cash money. The same is true for 401(k) contribution matches, tuition assistance, etc.

Now that you have a good idea of your financial value to the company; and comparable rates paid at other companies, you are just about ready to make your request. Just a few last things to consider:

What is your company's financial status? Can they afford to give you a pay raise? If they say they cannot afford to give you a raise, you need to be ready to defend that response by showing how much you've saved them by working extra hours freely, doing more than your job description, etc.

If your company still claims it cannot afford to give you a pay raise, perhaps consider additional benefits instead, like extra vacation time, tuition assistance, stock options, overtime, etc., or a promotion.

Don't give ultimatums. This just puts your boss on the defensive, and may put you in the position of either quitting your job or humbling yourself. Your goal is to convince your boss that you're worth more money because you do an exceptional job and perhaps that you've taken on additional responsibility that warrants a higher salary or promotion.

Timing is everything. Ask your boss for an appointment at a time that is good for him or her. Don't schedule your discussion for a Monday morning or a Friday afternoon, as these are busy times for most people. Don't schedule it during your boss' busiest time of month. Try to pick a time when your boss won't be distracted and pressured by deadlines, if possible.

If, after all this, you don't get the raise you realistically deserve, don't respond with sour grapes. Ask your boss what you'd have to do to receive an increase, or a promotion accompanied by a pay adjustment, and make an appointment for another pay raise evaluation for; say, six months down the road. Make sure your boss is aware of what you do and how well you do it, and document your accomplishments in preparation for your next pay raise discussion.

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Pay Raise Tips - by <a href=http://creditfederal.com>CreditFederal.com</a> <div style="text-align: left; font-family: Verdana;">Free tips on how to ask for a pay raise. As prices increases, so should your income. Learn how to invest in your future by asking for a bigger paycheck. Want more ways to get more out of your paycheck? Use our <a href="http://creditfederal.com/creditcard-loan-money.html">Free Personal Finance Tools</a>. Free Tips on How to Ask for a Pay Raise Before you barge in and demand a pay raise from your boss, here are some things you first need to know and think about to increase your chances of success. Next, find out your company's policy on salary increases. Are all employees reviewed at the same time each year and are raises given only at that time? Is there a budgeted amount that your department must stay within for each employee and the department as a whole? For the highest chance of successfully getting the raise you want, you have to know the company's policies regarding compensation. If your boss has no authority to exceed the budgeted amount handed down from higher ups, you may have wasted your time and effort. Now, consider what your job is worth to you, and how can you effectively approach your boss about a salary; or hourly, pay increase. Certainly, it's not likely to be worth losing your job by issuing a pay raise ultimatum to your boss. Although you may need a pay raise so you are in a better position financially to pay your bills, your personal finances and shortcomings are not your company's problem. It's entirely your problem, and your boss doesn't want to discuss it so avoid that viewpoint. Instead, make the pay raise request about value, specifically your value to the company. You want a pay raise to equal your skills, productivity, job tasks, contribution to the company and the current rate; both inside and outside the company, for what you do and the position you fill. Look at the entire situation from your company's perspective, and base your approach on their needs to keep you, and what you have done and will continue to do for them. So before you barge in, first sit down and evaluate all your skills and your job description. Include both your formal written job description (the one the company states) and another one of what you actually do (including all the tasks your company statement omits, such as overtime you've worked without pay, special projects you assisted with, etc.). Collect all your Letters of Appreciation, accolades, awards, performance evaluations, etc. Also collect your educational records, including self-help learning. You want to remind your company about your value, your devotion and experience. Research salaries in your area for similar job positions. When comparing and analyzing salaries, it's also important to consider the financial value of your benefits and perks. If your company pays for all or part of your health insurance, this is as good as cash money. The same is true for 401(k) contribution matches, tuition assistance, etc. Now that you have a good idea of your financial value to the company; and comparable rates paid at other companies, you are just about ready to make your request. Just a few last things to consider: What is your company's financial status? Can they afford to give you a pay raise? If they say they cannot afford to give you a raise, you need to be ready to defend that response by showing how much you've saved them by working extra hours freely, doing more than your job description, etc. If your company still claims it cannot afford to give you a pay raise, perhaps consider additional benefits instead, like extra vacation time, tuition assistance, stock options, overtime, etc., or a promotion. Don't give ultimatums. This just puts your boss on the defensive, and may put you in the position of either quitting your job or humbling yourself. Your goal is to convince your boss that you're worth more money because you do an exceptional job and perhaps that you've taken on additional responsibility that warrants a higher salary or promotion. Timing is everything. Ask your boss for an appointment at a time that is good for him or her. Don't schedule your discussion for a Monday morning or a Friday afternoon, as these are busy times for most people. Don't schedule it during your boss' busiest time of month. Try to pick a time when your boss won't be distracted and pressured by deadlines, if possible. If, after all this, you don't get the raise you realistically deserve, don't respond with sour grapes. Ask your boss what you'd have to do to receive an increase, or a promotion accompanied by a pay adjustment, and make an appointment for another pay raise evaluation for; say, six months down the road. Make sure your boss is aware of what you do and how well you do it, and document your accomplishments in preparation for your next pay raise discussion. </div> This article provided courtesy of <a href=http://creditfederal.com target=_new>www.CreditFederal.com</a>, a personal credit resource of good or bad credit credit cards and loans.

Credit Tip: Need a high limit for Christmas credit card charges? If you have bad credit, consider a personal loan by refinancing your mortgage. Even if you have cash to buy Christmas presents, we recommend using a prepaid card to make purchases because it's safer than carrying cash.